Givenchy and Gucci to open at Aventura Mall
Mall also plans to expand with a new three-story, 315K sf retail wing and parking garage
February 29, 2016 05:15PM
Aventura Mall, which has been amping up its array of luxury boutiques, is now adding Givenchy and Gucci to the mix.
The shops will join the mall’s collection of upscale boutiques that includes Louis Vuitton, Cartier, Tiffany & Co., Fendi, Burberry, Bally and Emilio Pucci.
Givenchy is scheduled to open in summer 2016 and Gucci in fall 2016. Both boutiques will be located in Nordstrom Court. The brands will join two recent fashion additions, St. John and 120% Lino, which opened recently on the upper level near Nordstrom, according to a release.
“The additions of Givenchy and Gucci will enhance the shopping experience for our local and international visitors,” said Jackie Soffer, co-chairman and CEO of Turnberry Associates, in a statement. Turnberry owns 66.7 percent of the mall; Simon Properties Group owns the remaining 33.3 percent. Turnberry also manages the mall at 19501 Biscayne Boulevard, which is anchored by Nordstrom, Bloomingdale’s and Macy’s and features 300 stores.
In 2014, Turnberry announced it was expanding Aventura Mall. Plans include a new three-level, 315,000-square-foot retail wing and multi-level parking garage. The mall first opened in 1983, then doubled its size in 1997 and in 2007, added Nordstrom and a three-level wing of high-end stores. It has more than 2.7 million square feet of space, making it the third largest shopping mall in the United States, behind Mall of the America in Minnesota and King of Prussia Mall in Pennsylvania.
On New Year’s Eve, the owners of Aventura Mall closed on a $213.5 million mortgage from JP Morgan Chase to fund the planned expansion. Construction has begun on the new wing, which is expected to open in late 2017, and will include destination restaurants, more than three dozen retail stores, a new food court with indoor/outdoor seating, and a VIP concierge area.
But in late January, Seritage Growth Properties, a publicly traded real estate investment trust that owns Sears’ real estate assets, filed suit against the owners of Aventura Mall, seeking to stop the shopping center’s expansion plans.
The suit, filed by Seritage SRC Finance against Aventura Mall Venture, cited an easement and operating agreement dating back to 1982, originally between Sears and the mall — now Seritage and the mall. The mall’s expansion violates terms of the agreement “because it proposes structures and development activities that materially deviate from the terms of the plot plan,” according to the suit. — Ina Cordle
Source: The Real Deal